The LatamReady Localization App supports Legacy and is compatible with the SuiteTax version and the Oracle Localization SuiteApp. In this blog post, we will explain the benefits of the SuiteTax version and then go deep into the LatamReady Localization App.
Key benefits of SuiteTax
SuiteTax is an all-in-one indirect tax solution that calculates taxes in multiple tax jurisdictions. Being a part of the NetSuite platform enables efficient tax calculations and reports, integrated with the same platform used for sales, billing, revenue recognition, payment processing, and much more.
The SuiteTax API plays a crucial role in integrating leading tax-service solutions into NetSuite. Users can choose a single tax partner for all their global tax calculations or opt for multiple partners.
Notable Features
- Say goodbye to manual tax calculations: SuiteTax comes with built-in tax logic that automatically determines taxability and calculates taxes for every sales and purchase transaction.
- Effortless tax rate monitoring: NetSuite accounts receive automatic tax rate updates every month, so you don’t need to track these changes.
- Enhanced audit visibility: Gain deeper insights for audits with detailed reports, transaction-level data, and system notes.
LatamReady App
The LatamReady App is fully compatible with the SuiteTax version of NetSuite and the Oracle Localization SuiteApp. Moreover, it supports Legacy. Our SuiteApp has the following capabilities:
Tax Rules & Tax Calculation Features for Chile
Local Unit of Account
LatamReady utilizes the local unit of account, “Unidad de Fomento”, for transactions.
Tax Calculation
LatamTax, LatamReady’s Tax Engine developed inside of NetSuite and designed exclusively for Latin America, takes care of the complexity of local Withholding Taxes in Sales and Purchases.
LatamReady allows you to register transactions with VAT No Creditable (IVA No Recuperable)
Tax Agencies
We work in an integrated way with the tax agencies of each country we serve; in Chile, we work with SII.
Withholding Tax Certificates Formats
LatamTax produces the required format for withholding tax certificates that are required by suppliers.
Local Tax ID Validation
No more local tax IDs incorrectly registered! LatamReady includes the local validation algorithm required to verify local tax IDs.
Journal Legal Numbering
LatamReady supports the local authority’s requirement for every journal post to be numbered following statutory criteria.
Letras
LatamReady supports the local practice of exchanging customers’ invoices for Letras de Cambio.
Billing
LatamReady adapts to the local rules. For example, including information such as QBLI, Servicio de impuesto SII in the transactions inside NetSuite.
Chile Ledgers
The LatamReady App fully supports NetSuite’s multi-booking feature and includes the following ledgers for legal reporting in Chile:
Balance Tributario
Certificado de Honorarios
Declaración Jurada Anual sobre Balance de 8 Columnas
Kardex Detallado por Transacción
Kardex Resumido
Libro de Retenciones
Libro Diario
Libro Diario Electrónico
Libro Mayor
Libro Mayor Electrónico
Registro de Compras
Registro de Ventas
Libro de Inventario y Balance
The business needs to issue multiple amounts of e-invoicing
LatamReady offers a complete solution within NetSuite for electronic documents in Chile.
The LatamReady App supports:
- One by one: A 2-step process that follows the NetSuite standard for issuing electronic invoices. The first step is to create and the second step is to generate and send each invoice one by one manually.
- Massive: Several In Bulks, tens of thousands of documents.
- Batch: for 200 documents.
- Ecommerce Edition: for Ecommerce companies.
Easily manage E-invoices, Credit & Debit memos, Waybills, and more! With the LatamReady App, international corporations can issue E-invoices from inside of NetSuite and generate pixel-perfect electronic documents with a simple click of a button. LatamReady Localization allows you to issue electronic documents both locally and abroad.
The company needs to support massive vendor bill payments
LatamReady facilitates companies to execute large-scale electronic payments in compliance with Chile’s specific local requirements through the LatamReady SuiteApp and NetSuite’s Electronic Payments App. The service provided by LatamReady involves collaboration with various local banks in Chile.
- Santander
- BCI
- Scotiabank
- BICE
- ITAU
- Banco de Chile
- Security Bank
Why LatamReady?
We are Latin America’s #1 Oracle NetSuite partner for implementation and localizations. The best ERP worldwide will help you adapt to changes and grow your business. Our technical support is one of the best in the region: 95% of our reviews in NetSuite are 5-star reviews.
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